NORTHFIELD - With assessed valuations out of whack in most Atlantic County communities since the pandemic, Atlantic County Board of Taxation is considering a move to ensure all taxpayers are paying their fair share of the tax burden.
Atlantic County Tax Administrator Theresa Prendergast advised the Atlantic County Board of County Commissioners March 31 about a state-approved plan for reassessing properties on an annual basis.
Since the pandemic, home prices have soared and the ratio of current assessments is out of whack with actual market values. The Atlantic County Annual Reassessing Project would be voluntary for municipalities and would adjust valuations incrementally each year eliminating the need to conduct full revaluations in the future.
District 5 Commissioner Jim Bertino said revaluations create “turmoil and trauma” for municipalities faced with the exorbitant cost of outside companies conducting revaluations.
The annual reassessment program would give municipalities the opportunity to keep values level at a more affordable cost.
Board Chairman John Risley said the plan is the best solution for something that’s been a problem for years.
Prendergast said municipal tax assessors would benefit from the resources offered by the county and would be required to inspect just 20-25% of properties each year.
According to statistics provided during the meeting, the county’s 23 municipalities have a combined 155,000 line items and 17 local tax assessors. Nine are full-time, including in Ventnor and Margate. The rest are part-time with limited hours, such as Longport.
Currently, local Downbeach towns are assessed way below actual market value. All three Downbeach towns have been ordered to conduct revaluations, along with Estell Manor, Mullica Township and Port Republic, Prendergast said.
Longport’s assessed valuation is at 55.08% of true value, Margate is at 46.82% and Ventnor at 49.54%, indicating approximately half of the property owners are paying more or less taxes than they should.
Longport recently went out to bid for a full revaluation of its 1,600 line items but received only one quote. The borough’s last reassessment was done in 2018.
According to Commissioner of Finance Jim Ulmer, the borough’s tax assessor and administrator will review the proposal, the cost of which is “much higher than anticipated.”
“The estimate was not insignificant for our budget,” he said.
He said he would speak to Atlantic County Executive Dennis Levinson about the issue.
Prendergast said for assessments to be fair to all taxpayers, the ratio of assessments to true value should be above 85%.
The last time all Atlantic County municipalities were above 85% was in 2021-2022. By 2023, only six Atlantic County municipalities were above the acceptable level and in 2024, none were above the acceptable level.
Conducting revaluations is an expensive proposition for taxpayers, costing some larger municipalities millions of dollars every four years or so. The combined cost for revaluations across all county municipalities could exceed $21 million, Prendergast said.
Using an annual countywide reassessment program would save money and ensure everyone is paying their fair share of the tax burden, she said.
To participate in the proposed annual reassessment project, a full revaluation, in-house or hybrid reassessment with interior and exterior inspections would need to be completed but participating municipalities would never have to conduct a full revaluation again.
Prendergast estimated the county’s cost to operate the program would require $695,000 in annual salaries for the Tax Administrator, clerks and GIS specialist. It would also eliminate the need for inspectors to gain access to homes – something homeowners avoid. Additionally, in shore towns, inspections can only be done during the summer months when out-of-town owners are in town for their summer vacations.
The county has taken steps to obtain the latest technology and staffing that will take valuations to acceptable levels, including purchasing tablets for tax assessors, and cloud-based software to ensure municipal zoning maps are easily updated. The aerial imaging program was funded through a grant.
Prendergast said county tax officials would be available to meet with municipal leaders and tax assessors to explain the process.
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